All Forum Posts by: Art Mimnaugh

@Nate Baum happy to grab a coffee as share some experience as a fellow Bay Area investor if interested.   Have used @Robert Ellis on a number of deals and have been happy with him as a key part of our team there.

The key thing I have found with working with a team is clearly state your requirements and be willing to pull trigger and follow through when You find them assuming the number work.   The biggest thing to chase away good people on your team is not to make decisions or never be willing to pull trigger.   First deal is normally not the best financial deal but it is almost certainly the deal you learn the most on.

@Chris Papa drop me a line and would be happy to share some experiences as a fellow Bay Area investor with a number of MFH in Columbus.  

@Daniel Akerman so I am a Bay Area investor that has four 4 plex’s in Columbus all purchased in the last 12 months.   The deals can be had but do require a lot more work and deep knowledge of the areas from your on the ground team.   I have seen and heard stories of investors getting a great deal on a property but can’t get units filled at market rates based on area.   It goes without saying that PM makes a big difference.   I know you are looking for numbers and they do vary but I have a building on east side that I am in at $125k, in a C Area that had rents at $575 that I have pushed up to $625-$650 with all sub-metered tenet paid utilities.   On the west side also pushed up rents by $50-$100 to re-stabilize the property as well as rehabbed a few of the units.   Happy to discuss any Other questions you have as well as some other challenges I have run into if you want to PM me.

Cheers,

Art

@Raul Velazquez Jr I know @Robert Ellis is on this thread but have used him on multiple deals and would highly recommend from an investors lens.

Cheers,

Art 

@Matt Smith absolutely just depends on what your strategy is. If you are ok to buy a value add and manage some cosmetics upgrades there are a number sub-$100k properties that with a well managed rehab would cash flow well. On the other side you could look at some of the SFH portfolio deals that are consistently out there as well, just have to really run numbers to account for neighborhood and expenses.

I would connect with a local investment realtor (@Robert Ellis) and the local meet ups to meet and understand what’s happening in the area.   A large number of the listed deals are being bought by OOS investors (I am one) so being there and hustling to find the opportunities and deals that are never listed will put you in a stronger position.

Cheers,

Art

@Matt Smith there are a lot of questions there but to get started would look at a few other options.   If you in Ohio for two years why not look to do a house hack with a multi-unit and after your two year assignment you can evaluate if you want to sell/1031 your Ohio property into another property when you go back to Alabama or keep it, sell and take profit as part of homestead exemption or just keep.   Additionally by doing this way you can do it with as little as 3% down.  Look to find a place that would allow you to live for free while also taking cash flow would seem to be ideal.    As far as neighborhood would really depend on your strategy as investor as there are number of factors to consider.

Cheers,

Art

If you are going to own property is Ohio there are some benefits to having an LLC as an OOS investor when dealing with evictions etc. We have one setup there for our properties. It is also really cheap $99 one time fee and no yearly. Only consideration is more how your home state looks at your LLC interests. In CA we are taxed at a minimum of $800 a year per LLC so would love to have each property in its own LLC but numbers don’t work being is CA, maybe it would for you. Would check with your CPA. Cheers, Art

@Sean Carroll @Sebastian Scott we should meetup and grab a coffee to exchange notes as it appears we are all in Bay Area.  I have a number of properties in Columbus and would be interested to see how your experience in Cincinnati compares as am looking to expand to some other markets.

Cheers,

Art

@Joe G. so I have 16 units in Columbus across 4 different MF properties and you absolutely can cash flow.   The big question is more around your risk tolerance and objectives.   I focus on C areas which cash flow better but do require significantly more oversight based on tenet pool and age of buildings.   Even with a good PM and team in place for an OOS investor there is a lot of time required to keep these units producing.   However, in the B class I have seen a number of properties that will cash flow (a be it quite a bit less per door) but with a good PM can be much more passive.   Like everywhere deals to be had at all levels but just requires a bit more work to uncover the gem and match with you objectives.

Cheers,

Art

@Amy Chen I think it really depends on what you are looking for.   I have a four plex in Eastmoor (which is between Bexley and Whitehall) and the thing is a cash cow with many interested parties wanting to move in.   With that said there is little to no apprication but I expected that going in.   Conversely I have other units on west side that have seen great apprication and strong cash flow in better school district.   Not saying one is better than other but you really just need to ensure you know what you are getting into especially as an OOS investor as they both require strong property management and clear expectations with tenets given the neighborhoods.

Cheers,

Art